2. THE HISTORY OF BITCOIN
2008
Idea was published
under the pseudonym
Satoshi Nakamoto
2009
Start of the Bitcoin
Network
2010
Fist cryptocurrency
stock exchange is
launched
2011
One Bitcoin equals
one USD
3. THE HISTORY OF BITCOIN
2013
1 Bitcoin equals
100 USD
2014
Microsoft accepts
Bitcoin
2017
1 Bitcoin equals
10,000 USD
4. BITCOIN ≠ BLOCKCHAIN
Is an application of
blockchain technology
Is the underlying datastructure,
which can be used for many
things, including
cryptocurrencies
5. WHAT IS A BLOCKCHAIN?
A blockchain is a growing list of data blocks that are linked together.
Data
Reference
Data
Reference
Data
Reference
6. BITCOIN ECOSYSTEM
A public network in which anyone,
including a malicious participant, can
participate without restriction.
Even though it is not organized by a
central authority, it works!
9. BUILDING CONSENSUS
After a finite time, all
participants agree on a
single state.
E.g. on who owns how
many Bitcoin.
10. CREATING WITNESSES
If something is published on
a public blockchain, all
participants become
witnesses.
This is used, for example, by
OriginStamp to create a
secure timestamp for
documents.
11. KEY FEATURES
Write-only, immutable,
transparent data storage
Decentralized, no need for
intermediaries
Consistent state across all
participants
Resistant against malicious
participants
Open to everyone
Although Blockchain technology has a strong disruptive power and can change many areas of our daily lives, there are still some challenges that need to be addressed.
The high energy consumption - Bitcoin uses a lot of energy.
The scalablity issue - Bitcoin supports far less transactions per second than e.g. VISA.
It opens up possibilities for money laundering - Some blockchains as Monero are anonymous.
The question remains as to how far we want to bypass the middleman. Often he can also protect us, e.g. a bank can protact us to the extend that we do not transfer the money to the wrong person.
